2009 First Quarter Results
Resilience in a deteriorating environment through gross margin improvement and effective cost management
• Sales of €2.8bn, reflecting deterioration of economic environment in all markets:
– +11.7% on a reported basis, resulting from consolidation of Hagemeyer
– -15.4% on a constant and same-day basis
• EBITA1 margin of 3.0%; drop contained to 180 bps, supported by:
– 30bps increase in gross margin, including purchasing synergies with Hagemeyer
– Cost reduction measures leading to 7.0% reduction in distribution and administrative expenses
• Strong free cash flow before interest and tax up 37.6% at €168 million, helped by reduction in working capital
• Further net debt reduction: down €45 million since end 2008
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